Registered Charity No- 1121050 Registered Company No- 06353941 ISLAMIC FORUM TRUST (A Company Limited by Guarantee) REPORTS AND FINANCIAL STATEMENTS FOR THE 12 MONTHS ENDED 31 MAY 2024 ABACUS PARTNERS {LDN) LLP CHARTERED CERTIFIED ACCOUNTANTS & STATUTORY AUDITORS UNIT A, ABB0s WHARF 93 STAINSBY ROAD LONDON E14 &JL
ISLAMIC FORUM TRUST (A Company Limrted by Guarantee) Reports & Financial statements For the 12 months ended 31 May 2024 Directorsrrrustees Mr Abunur Muslehuddin Faradhi Mr Abu Bokkor Mr Khondaker Raziuddin Ahmed Mr Mohammad Hamid H Azad (resigned 13.05.23) Mr Muhammad Nurul Matin Chowdhury {resigned 13.05.23) Ms. Tahera Arju Islam (resigned 13.05.23) Mr Muhammad Ansar Mustaquim (appointed 13.05.23) Mr Muhammad Mustaq Ahmed Mrs Khaleda Begum Mrs Rowshanara Kabir {appointed 13.05.23) Charity Registered No Company Registered No 1121050 06353941 Principal Office 3rd Floor, LMC Business Wing 3844 Whitechapel Road London, E11JX Independent Examiners Abacus Pathers (Ldn) LLP Unit A, Abbotts Wharf 93 Stainsby Road London, E14 6JL Bank Al Rayan Bank PLC PO Box 12461 Birmingham B16 6AQ Solicitors Amanah Solicitors Tower Bridge Business Centre 4648 East Smithfield London E1W 1AW
ISLAMIC FORUM TRUST IA Company Limrted by Guarantee) Reports & Financial statements For the 12 months ended 31 May 2024 Contents Page Directors'ftrustees, report Independent Auditor's report 7-11 Statement of Financial Activities 12 Statement of Financial Position 13 Notes to the financial statements 14-20
ISLAMIC FORUM TRUST (A Company Limrted by Guarantee) Reports & Financial statements For the 12 months ended 31 May 2024 Alhamdulillah, we are pleased to present the report of remarkable works. together with financial statements of Islamic Forum Trust for the period Of1 June 2023 to 31* May 2024. Our dedicated trustees and volunteers have conlinued showing their utmost endeavour and commitments to manage the charity's day to day affairs in line with IFT'S aims and objectives. Constitutional information: Islamic Forum Trust (IFT) is a charitable company limited by guarantee. The charity's objects and regulations are regulated by the Memorandum and Articles of Association incorporated on 28 August 2007. Registration number: Charity Registration No. 1121050 Company Registration No. 06353941. Governance and Principal Officers: The charity is organised with a Board of Trust&s elected by the members to oversee the management and day to day activities. Among the committee members one is selectedlelected as the chairperson to chair the Board meetings and oversee the management of the charity. Principal Officers: Abunur Muslehuddin Faradhi -chairman Khondaker Razi Ahmed - Secretary Muhammad Mustaq Ahmed- Treasurer Principal Objects of the Charity: To promote the religious education of Muslims and non-muslims in the Islamic faith. To promote justice and equality amongst all Muslims and non-muslims irrespective of race, culture and other differences. To relieve povety and sickness of Muslims either in the UK or abroad. Performance and Achievements: Islamic Forum Trust {IFT} continued to provide prayer and educational facilities to the local Muslim community in London, Birmingham, Bradford, Stoke-on-Trent, Manchester, Oldham, Northwich, and Newcastle at a nominal charge for the user groups. In retum. the local user groups managed the upkeeping of the buildings and paid for the utilities. The Trust through its local volunteersluser groups organised open days, Islamic cultural exhibitions, seminars and interfaith programmes in its centres and mosques. The Trust continued to facilitste religious and educational training programs for its supporters and well-wishers to enhance their level of understanding of the Islamic faith and responsibilities to fellow communities in this reporting period. It supported a range of Islamic and other educational programmes organised in the cenlres throughout the country which included weekly study cirdes, Quran classes and study dasses on manners and moralities, based on Islamic teachings, for men, women, youth, and children. It also facilitated parenting sessions to inform and educate parents on effective parenting from an Islamic perspective, British values and how to safeguard their children from social ills. In order to challenge misunderstandings of Islam and Muslims and to strengthen relationships with wider society, the Trust supported organising of open days and Islamic cultural exhibitions in its ntreS and
ISLAMIC FORUM TRUST IA Company Limiled by Guarantee) Reports & Financial statements For the 12 months ended 31 May 2024 other mosques. The supporters and volunteers of the trust provided fr)od, new ganentS to homeless people, cleaned their estates, and visited other faith organisations in their locality as part of the 'My Neighbours Project" which is an annual program of the Trust. This has led lo forming 'Faith Partnership" with local faith organisations, working together to improve community cohesion. IFT promoted equality, fairness, and Justi by working with other multi-faith organisations and supported initiatives to tackle the increase in racismllslamophobia and anti-muslim hatred in the UK. Public Benefit The Trust provides religious facilities to Muslim communities and community development and welfare services to Muslim and wider communities in many parts of the UK at nominal or no cost. The formal education classes for children and adults are provided by local user groups which are heavily subsidised for the public. The trustees regularly engage in direct feedback from stakeholders to ensure that it is responding to local needs in the most efficient and effective way. Some IFf ntres, facilities are available for hire at discounted rates for local community initiatives, thus creating greater accessibility for all. The user groups in IFT ntreS respond to wider issues facing the community, and it provides leadership in addressing issues of community tensions such as Islamophobia, racism, community safety and education. Risk Management The Trustees identify risks associated with the activities of the Trust. The Trustees regularly review the Trust's position with respect to compliance, safeguarding, financial sustsinability, reputation etc and have appropriately mitigated any possible risks. Health & Safeguarding policies are always on display for the members and service users. Financial Review At present the Balance Sheet demonstrate to be stronger than before. Income for this pertoj was £310,367 (2023 £184,509) and after expenditure a surplus of £180.738 was made (2023 £68,909 surplus). Having settled the debts with bank (HSBC) in previous years, the charity seems more in a stable position now. Reserves Policy The Board of Trustees have considered a Reserves Policy that allows for 6 months operation without any donations, to be an indicator of financial strength. They consider the Reserves at yearond to be exceeding this level. The majority of unrestricted reserves are tied up in assets which may not be immediately realisable, but the remaining balance of £249k12023: £291KI is suffiaent for operational continuity in accordance with the policy. Charity Commission Visit The Board of Trustees has received the report from the voluntarily appointed charity consultant and subsequently the report has been forwarded to the charity commission as desired. Following the satisfying outcome of charity commission queries, the board of trustee has formulated a development plan for future, enabling trustees to perfom their responsibilities more efficiently as an individual and as a team.
ISLAMIC FORUM TRUST (A Company Limrted by Guarantee) Reports & Financial statements For the 12 months ended 31 May 2024 Strategy and plans for future periods The Trustees have agreed the following plans for the future: Improve governan at IFT by providing training for the trustees and improving the goveming documents via an expertlconsultancy for charities. Improve programme delivery by updating policies and procedures Develop a 2-year Strategic Plan beginning from June 2024 Continue reviewing and improving the relationship with existing tenants and user groups. Conduct monitoring visits regularly to IFTS ntreS and mosques in order to ensure transparency and accountability Provide proper ntre management training to all centres Increase support to the poor and needy Support user groups to improve their ServIS delivery and goveman Trustee's responsibilities Company and charity law requires the trustees to prepare financial statements for each financial year which gives a true and fair view of the stste of affairs of the charitable company and of the surplus or deficit of the charitable company for that period. In preparing those financial statements, the trustees are required to: 1. Select suitable accounting policies and then apply them consistenlly. 2. Make judgments and estimates that are reasonable and prudent. 3. Prepare the financial statements on the going )nCern basis unless it is inappropriate to presume that the company will continue in business. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any lime the financial position of the charitable company and to enable them to ensure that the financial slatements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Independent Audit An independent audit was carried out by Abacus Partners (Ldn) LLP, Chartered Certified Accountants. The company is to dispense with the annual appointment of Independent Examiners. In the absence of a specific resolution to the contrary, Abacus Partners (Ldn) LLP will continue in offi. This report was approved by the trustees meeting on 24th March 2025 and signed on its behalf by the Chair of the Trust. Mr Abunur Muslehuddin Faradhi Directorlchair of Trustees
ISLAMIC FORUM TRUST (A Company Limited by Guarantee) Independent Auditor's Report to the Directorsffrustees of The East London Mosque Trust for the year ended 31 May 2024 inion We have audited the financial statements of Islamic Forum Trust for the year ended 31st May 2024. which comprise the statement of financial activities. the Statement of Financial Position. the statement of cash flows, and the related Notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102. the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company s members those matters we are required to state to them in an auditorfs report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company s members as a body, for our audit work, for this report, or for the opinions we have formed. Basis for o inion We conducted our audit in accordance with International Standards on Auditing (UK) {ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordan with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relatin to oin concern We have concluded that the Trustees, use of the going conrn basis of accounting in the preparation of the financial statements is appropriate.
ISLAMIC FORUM TRUST (A Company Limited by Guarantee) Independent Auditor's Report to the Directorsffrustees of The East London Mosque Trust for the year ended 31 May 2024 Other information The other information comprises the infomiation included in the trustees. annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other infomation and, except to the extent otherwise explicitly stated in our report, we do not express any fomi of assurance conclusion thereon. In connection with our audit of the financial statements. our responsibility is to read other information and, in doing so consider whether the other infornation is materially inconsistent with the financial statements or our knowledge obtained in the audit or otheThvise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to detemiine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If. based on the work we have perfomed, we conclude that there is a material misstatement of this other information. we are required to report that fact. We have nothing to report in this regard. inions on other matters rescribed b the Com anies Act 2006 In our opinion. based on the work undertaken in the course of the audit: the infonnation given in the Trustees. report, including the Strategic Report, for the financial year for which the financial ststements are prepared, is ajnsistent with the financial statements; and the Trustees Annual Report. including the Strategic Report. has been prepared in accordance with applicable legal requirements
ISLAMIC FORUM TRUST (A Company Limited by Guarantee) Independent Auditor's Report to the Directorsffrustees of The East London Mosque Trust for the year ended 31 May 2024 Matters on which we are re uired to re ort b exce tion In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report and the Trustees Annual Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if. in our opinion- adequate accounting records have not been kept. or returns adequate for our audit have not been received from branches not visited by us: or the financial statements are not in agreement with the accounting records and returns., or certain disclosures of directors, remuneration specified by law are not made. or we have not received all the infomiation and explanations we require for our audit. Res onsibilities of trustees As explained more fully in the trustees. responsibilities statement, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. and for such internal control as the trustees detemiine is necessary to enable Ihe preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Auditor's res onsibilities for the audit of the financial ststements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always delect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered
ISLAMIC FORUM TRUST {A Company Limited by Guarantee) Independent Auditor's Report to the DirectOrsrUsteeS of The East London Mosque Trust for the year ended 31 May 2024 material if, individually or in the aggregate, they could reasonably be expected to Influen the economic decisions of users taken on the basis of these financial statements. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.or .ukJauditorsres onsibilitses. This description forms part of our auditor's report. As part of our planning process: We enquired of management and staff the systems and controls the charity has in place, the areas of the financial statements that are most sUsPtib1e to the risk of irregularities and fraud, and whether there were any known instances of suspected or alleged fraud We obtained an understanding of the various legal and regulatory frameworks under which the charity operates, and made the necessary enquiries of management to understand if there were any major areas of non-complian We considered incentives and opportunities that exist within the charity, including management bias, to present the potential for irregularities and fraud to be perpetuated. and tailored our risk assessment accordingly The key procedures we undertook to detect irregularities and misstatements including fraud. included: Testing revenue and revenue recognition for evidence of management bias. across all revenue streams, including within the schools Verifying the existence and status of investments held by the Trust. as well as making an assessment of impairment where relevant Verifying the existence of bank balances Perfonning a physical verification of key assets, and title to those assets Reviewing minutes of Trustee meetings, to identify any information that may have not been reflected in the accounting records Testing for the existen of related paty transactions io
Use of our re ort This is report is made solely to the charitable company s members as a body, in accordance with Chapter 3 of Part 16 of the Companies Acts 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditorfs report and for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as body, for our audit work, for this report, or for the opinion we have formed. Mr Nur Ahmed Chowdhury (Senior Statutory Auditor) For and on behalf of Abacus Partners (Ldn) LLP Statutory Auditor Unit A. Abbotts Wharf 93 Stainsby Road London E14 6JL Date: 24th March 2025 li
ISLAMIC FORUM TRUST (A Company Limited by Guarantee) STATEMENT OF FINANCIAL ACTWITIES INCORPORATING INCOME & EXPENDITURE ACCOUNT FOR THE 12 MONTHS ENDED 31 MAY 2024 Unrestricted Restricted Total Total Notes 2024 2023 Incomin Resources Donations and legacies 131,732 131,732 35,495 Investment Income 178 635 178635 149 014 Total Incoming Resources 310 367 310 367 184 509 Resources Ex ended Investment Management Costs 24,242 24,242 37,724 Direct Charitable expenditure 51,939 51,939 39,843 Management and Administralion Total Resources Expended 129 629 115600 Net income from charity's activities 180.738 180,738 68,909 Gains l {losses) on property Diswsal Net Movement in Funds 180,738 180,738 68,909 Reconciliation of funds: Funds as at 1 June 2023 15 4 936 125 4867 216 Funds as at 31 May 2024 5113478 5116863 4936 125 All the activities of the company are from continuing operations. The notes on pages 14 to 20 form an integral part of these financial statements 12
ISLAMIC FORUM TRUST (A Company Limited by Guarantee) STATEMENT OF FINANCIAL POSITION AS AT 31 MAY 2024 Total 2024 Total 2023 Notss Fixed Assets: Freehold Land and Buildings Investment Properties Furniture, fixtures and fittings 1,828,830 3,080,000 1,575,748 3,080,000 4,911,562 4,659,163 Current Assets: Other debtors Cash at bank and in hand 10 173,178 62,646 307 251 369,897 257,606 Current Liabilities: Amount falling due within one year 11 52,305 92,935 Net Current Assets l (Liabilities) 205 301 276 962 Total Assets less Current Liabilities 5,116,863 4,936,125 Creditors: Amount falling due after one year Total Net Assets 11 12 Funds of the Chari Unrestricted Restricted 13 13 5.113,478 4,932,740 Total Funds as at 31 May 2024 For the year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Director's responsibilities: The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476,. and The director acknowledges their responsibilities complying with the requirements of the Act with respect to accounting records and the preparation of financial statements. These financial statements have been prepared in accordan with the provisicS applicable to companies subject lo the small companies regime, and accordance with FRS 102 The Financial Reporting Stsndard applicable in the UK and Republic of Ireland,. There financial statements were approved by the tM)ard of directors and authorised for issue on 24 March 2025, and are signed on behalf of the board by.. Mr Abunur Muslehuddin Faradhi Director I Chairman Mr Muhammad Mustaq Ahrned Director l Treasurer The notes on pages 14 to 20 fonn an integral part of these financial statements 13
ISLAMIC FORUM TRUST (A Company Limited by Guarantee) Notes to the accounts for the eriod ended 31 Ma 2024 General information Islamic Forum Trust {IFT) is a registered charity, and a Company limited by Guarantee, registered in England & Wales. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The address of the registered office is given in the companies tharity inf0miatlc page of these financial slalements. Statement of compliance These financial slalemenls have been prepared in Complian wf(h the provisions of SORP 2015 {FRS 102}, seclion 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland,. Accounting Policies 3.1 Accounting convention: The financial statements have tEen prepared in accordan with Accounting and Reporting by Charities.. Slalement of Recommended Practice applicable to Charle5 preparing Iheir accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) {effective 1 January 20151- {Charities SORP IFRS 102)), the Finanoal Reporbng Standard applicable in the UK and Republic of Ireland IFRS 102) and the Companies Act 2006. The financial statements are prepared in steding, which is the fvnctional currency of the entity- 3.2 Income recognition: All incoming resources are included in the Slatement of Financial Activities (SOFA) when the charity is legally entilled to the income after any performance conditions have been met. the amount can be measured reliably and it is probable that the income will be CeIved. Donations and other income are recognised on receipt. Investment income is eamed through holding propety assets. The rental income is recognised as the charity's right to re1ve payment is established. GrantslDonations restricted to future accounting period a deferr1 and rec(MJnised in those periods. 3.3 Allocation of cost: Costs are allocated behveen restricted and unrestricted funds in aco)rdance with the resources allocated for the delivery of the activity they relate to, and the appropriate restricted or unrestricted income elements of those activities. There were no donor specified restrictions in the year. does not partake in grant making activities. 3.4 Support cost: Support costs are those functions that assist Ihe work of the charity but are not d1ctlY charitable aclivibes. Support costs include back OfFI costs, finan, personnel, payroll and govemance costs which support the Tnjsts prograrnmes and ackn'vikn'es. These costs have been allocated belween cA)st of raising funds and expenditure on charitable activities. 3.5 Expenditure recognTtion: All expenditure is accounted for on an accruals basis and has been dassified under headings that aggregate all costs related to the category. Expenditure is recognised where the is a legal or constructive obligation to make payments lo third parties, it is probable thal Ihe setdement will be required and the amount of the obligation can be measured lIablY. 3.6 Tangible fixed assets and depreciation: Fixed assets are capilalised al cost. They are stated in the aCcnts at o)st less depreciation. Depreciation is calculated to write off the cost less the estimated residual value, over assets, expected useful lives on the following basis: Fumiture and fittings and equipment 20% on reducing balan Freehold and long leasehold properties are not depreaated as they are maintained to a high standard, thus extending their usefvl life. 14
ISLAMIC FORUM TRUST (A Company Limiled by Guarantee) Notes to the accounts for the eriod ended 31 Ma 2024 3.7 Funds: Unrestricted funds are available for use at the discretion of Ihe trustees in fijtheran of the general objectives of the charity. They compnse the accumulated surpluses and defiats in IFTS accounts. Designated funds comprise unreslrided funds that have been set aside by the tnjstees for particular purposes. IFf do not have designated funds, other than those tied up in fixed assets. Restricted funds are funds which a to be used in accordan with spectfic restrictions imposed by donors. The cost of raising and administering such funds are charged against the specific fund. IFT do not currentty have any restricled funds. 3.8 Incoming Resources The incoming resources and surplus are allributable to the principal activities of the charity- 3.9 Pensions: The pension costs charged in the financial slalements represent the defined contribution payable by the company during the year, on the basis of a conslant percentage of pensionable eaming. Incomin Resources Donations and legacies Unrestricted Restricted 2024 2023 Speaal collection4onalions Other income Gift Aid 131,332 400 131,332 400 35,495 131732 131732 Investment Income Unrestricted Restricted 2024 2023 Rental Income Profit on Bank Balance 178,600 35 178635 310 367 178.600 35 178 635 310 367 148,999 15 149014 184 509 Total Income 15
ISLAMIC FORUM TRUST (A Company Limiled by Guarantee) Notss to the accounts for the nod ended 31 Ma 2024 Ex enses Summa Investment Management Costs Note Unrestrided Restricted 2024 2023 Propety maintenance Insurance Legal fees Salaries, Eerfs NIC and Pensions 10,613 6,096 10,613 6,096 27,124 5,327 14 Direct Charitable Expenditure Unresltictsd Restricted 2024 2023 Rent, Rates and Water Salaries, Eerfs NIC and Pensions Electricity & Gas Offi insurance Cleaning & maintenan Telephone and intemet Printing, postage and stationery Travelling expenses Subscriptions & sundries 18,034 23,913 5,160 450 2,015 407 500 895 565 18,034 23,913 5,160 450 2,015 407 500 895 565 9,101 24,084 5,264 425 14 250 430 194 96 Management And Administration Unreslricted Funds Restricted Funds 2024 Total 2023 Total a) Support Cost: Rent, Rates and Water Salaries, Eerfs NIC and Pensions Admin support staff Office insurance Telephone and intemet Electncity & Gas Cleaning & mainlenan Prinkn'ng, postage and stationery IT software and consurnables Bank and Credit Card Charges Depreciation of fixture, fittings & equipment 6,011 19,141 6,011 19,141 3,034 2,430 2,853 142 374 1,755 14 150 611 1,720 672 166 150 611 1,720 672 166 143 449 10 683 683 854 b) Governing Cost: Salaries, Eerfs NIC and Pensions Legal fees Audit Fees Accountancy Fees BOT meeting expenses 14 19,141 19,141 11,790 2,200 2,400 2,000 753 2,400 2.000 753 2,000 Totsl Expenses 12 12 11 16
ISLAMIC FORUM TRUST (A Company Limiled by Guarantee) Notes to the accounts for the eriod ended 31 Ma Freehold Land & Buildings 2024 Tangible Fixed Assets: Investment Property Fixtures, Fittings & Equipment Total At Cost or valuation 1 June 2023 Addknons Disposals FV Gainsl{losses) on Investment Property revaluation Transfers to Investment property 1,575,748 253,082 3,080,000 63.627 4,719,375 253,082 1828 830 3 080 000 63 627 4 972 457 Depreaation bld. Depation for the year Depreciation on disposal 60,212 60,212 683 Net book value at 31 May 2024 Net book value at 31 May 2023 1828 830 74 3 080 000 2732 4911562 The net book value of tangible fixed assets investment comprised of: 2024 2023 Investment ro erties.. Compass House, Neville Street 169 Mile End Road 1,200,000 1.880,000 1,200,000 1,880,000 2024 2023 Fair Value reconciliation Cost of investment Properties Gains I (losses) on revaluation of Fixed assets 3.080.000 3,080,000 3 080 000 3 080 000 The Trustees have not considered that any fair value adjuslments are required for the period. The investment propety conb'nued to have the same tenant, and the was no indicalK)n of a decrease in rentsl FK)tential. 17
ISLAMIC FORUM TRUST (A Company Limited by Guarantee) Notes to the accounts for the nod ended 31 Ma 2024 10 Other Debtors . Loan debtors Rent and other debtors Pensions 2024 134,911 38,267 2023 28,646 34,000 173 178 11 Credilors: Amount Falling Due Within One Year 2024 2023 Rent Deposits MCA subscriptions Accruals and deferred income Payroll, paye and pensions Private Loans 35,375 11.627 35,375 52,941 4,400 904 2,000 1,419 18
ISLAMIC FORUM TRUST IA Company Limited by Guarantee) Notes to the accounts for the period ended 31 May 2024 12 Staff Emoluments: 2024 2023 Total wages and salaries Employerfs NIC Employerfs Pension 65,141 52,432 Direct Charitable Others 23,913 23,913 Avg No of employees.. Admin Avg No of employees.. Direct Employees paid in excess of £60.000 during the year 13 Movement in Funds Unrestricted Fund Designaled Fund Unrestricted Restricted Total Fund Total Fund As at 1 June 2023 291,277 4,641,463 4,932,740 3,385 4,936,125 Current year surplusl(defiat) 180,738 180,738 180,738 Gains I (losses) on revaluation of Fixed assets Current year transfer 223 097 248 918 223 097 4 864 560 As at 31 May 2024 5113478 3385 5116863 Total funds indude £173,178 {2023.' £62,646) re1vable from rental and loan debtors. Approximately £4.86m {2023'. £4.6m) of designated fvnds are tied up in fixed assets, and creditors. This is reflected in the designation of the addilional £223k in the year. Free reserves available for Ihe charity's continuing operation are £249k {2023= £291 kl, which is esbmated to cover over 6 months of operational costs, thus meeting the entity's Reserve policy requirements. 19
ISLAMIC FORUM TRUST (A Company Limited by Guarantee) Notes to the accounts for the eriod ended 31 Ma 2024 14 Control: The members of the Shoora Council of the Muslim Community Asso(aation IMCA), are also the members of Islamic Forum Trust. MCA is an incorporated organisalion limited by guarantee with company number13277798. 15 Related Party Transactions At the year*nd IFT continued lo have a loan balan outstanding with MCA as below: 2024 2023 Name Muslim Community Association Details Subs 16 Trustees, Remuneration: Tnjstees were not reimbursed any expenses during the period nor any remuneration12023 - £nill. 17 Contingent Liabilities The charity had no contingent liabilities as at 31 May 2024 or at 31 May 2023. 18 Post Balance Sheet Events There is no post balance sheet events to reporL 19 Taxation The entity is a registered charity and is subsequenly entitled to tax exemptions. 20 Gifts In Kind And Volunteers During the year the charity benefited from unpaid work performed by volunteers. 21 Financial Commitments The Charity had no capital or other contractual mmItMents as at 31.05.2024. 22 Going concem The Trustees have taken into account the entitys projections for12 months from the signing of these financial statements, in confirming their assessment of going o)ncErn. The Trustees believe the Going Concem presentation is sb'll valid, considering there are no institijtional debt obligations, and the unrestricted reserves at the time of signing the accounts, can comfortably sustain the organisation for another year, in case of any unforeseen disruption. 20